The market report on the Composites Testing Equipment Market published by Stratview Research indicates lucrative growth opportunities in the Composites Testing Equipment Market industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.
Composites Testing Equipment Market Forecast:
The Composites Testing Equipment Market is projected to witness a healthy CAGR of 6.7% over the next five years, driven by increasing production rates of the best-selling aircraft coupled with increasing penetration for composites, development of new composite applications in different industries, increasing demand for quality products, increasing research & development activities, increasing demand for the light-weight materials, and introduction of stringent regulations.
The growth of this market principally depends upon several factors which have direct or indirect influence on the demand. The report published by Stratview Research has the summary of such factors derived using multiple analysis. These methods help in evaluating the potential of the companies and identify gaps, finding challenges as well as opportunities to lay out a successful roadmap which leads to higher profitability.
Here are the key players in the market –
- General Electric Company,
- Olympus Corporation,
- Sonatest Ltd.,
- Mistras Group,
- Yxlon International GmbH,
- Zetec, Inc.,
- Ashtead Technology Inc.
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Composites Testing Equipment Market Segmentation:
The report segments are based upon applications, material, product type, demographics, geographics, benefits and volume etc. It also recognizes the most-attractive segments and sub-segments.
Composites Testing Equipment Market Share by End-Use Industry Type
The global composites testing market is segmented based on the end-use industry as aerospace & defense, transportation, building & construction, wind energy, marine, and others. The aerospace & defense is expected to remain the most dominant segment of testing equipment in the composites industry over the next five years. Increasing production rates of the key commercial and regional aircraft, such as B737, B787, A350XWB, A320, and Bombardier C Series; development of new aircraft or variant of existing programs, such as B737max, A320neo, B777x, and A330 neo; introduction of stringent regulations; and increasing penetration of composites are the major drivers of the market.
Transportation is estimated to experience the highest growth during the forecast period, driven by increasing penetration of composites in the structural parts in the automotive industry. Increasing penetration of composites is largely because of implementation of stringent regulations on automakers by governments of many countries regarding the enhancement in the fuel efficiency and reduction in the carbon emissions.
Composites Testing Equipment Market Share by Composite Type
Based on the composite type, the global composites testing equipment market is segmented as polymer matrix composites, ceramic matrix composites, and metal matrix composites. Polymer matrix composite generates the highest demand for testing equipment and is expected to remain the largest composite type over the next five years, driven by the dominance of polymer matrix composites in various end-use industries.
Composites Testing Equipment Market Share by Testing Type
The global composites testing equipment market is segmented based on the testing type as destructive and non-destructive. Destructive testing equipment is further segmented into impact testing, static testing, dynamic testing, and others. Similarly, non-destructive testing equipment is further segmented into radiography testing equipment, shearography testing equipment, ultrasonic inspection equipment, visual inspection equipment, eddy-current testing equipment, thermography testing equipment, and others. Non-destructive testing equipment is expected to remain the most dominant over the next five years, driven by its higher usage in a wide array of end-use industries ranging from aerospace & defense, transportation, to wind energy.
North America holds the highest share in the global composite testing equipment market, driven by the USA. The region is the manufacturing capital of the advanced composites industry with the presence of all the major players. This region also holds healthy share in the other composite markets including wind energy, transportation, building & construction, and marine. The continuous shift of automobile manufacturing plants to Mexico is likely to create a strong demand for composites as well as the testing equipment.
Asia-Pacific is projected to witness the highest growth during the forecast period, driven by China and India. Development of indigenous commercial, regional, and military aircraft, such as COMAC C919, ARJ21, and Mitsubishi MRJ; commencement of assembly plants of major commercial aircraft, such as A320 in the China; the highest wind turbine installation; and increasing penetration of composites in the transportation industry are some of the major growth drivers of the region.
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